Evening Star Newspaper, May 20, 1922, Page 18

- DEFEAT OF STEEL ' MERGER FORESEEN Withdrawal of Youngstown Company Seems to Doom Plan. NEW YORK. May 20.—Abandon- ment of the proposed merger of inde- pendent steel companies was gen- erally forecast today as a result of the withdrawal of the Youngstown Sheet and Tube Company from the six-company combine. J. A. Camp- bell, president of Youngstown, pre- viously had been agreed on as head of the proposed merger, serving as chairman of the board of directors and chairman of the executive com- mittee. Executives of the remaining five companies—Midvale Steel and Ord- nance, Republic Iron and Steel, Inland Steel, Steel and Tube of America and Brier Hill Steel—are expected to con- fer today with Mr. Chadbourne and Tepresentatives of Kuhn, Loeb & Co. bankers, to decide upon a course of action. The Lackawanna Steel Company withdrew _last, week upon the com- pletion of negotlations for its pur- chese by the Bethlchem Steel Cor- poration. Belleves Merger In OfT. While a statement of Thomas L. Chadbourne. counsel for the inter- ested companies, declared that “con- ferences among the other five con- cerns are continuing to determine whether it is advisable to consider a consolidation of all or same of these companies,” it is generally believed in the fleld district that the proposed merger is off, at least for the present. Neither Mr. Chadbourne nor Mr. Campbell would discuss the reasons for Youngstown's withdrawal. Mr. Camp- bell did state, however, that the action was decided after he had conferred with his board of directors and the prin- cipal sockholders, who are in_this city, and that the investigation of the De- partment of Justice into the proposed merger had nothing to do with it. He added that the Youngstown company had neither received nor expected any offers to consolidate with any other companies, either by purchasing, trans- fer of stock or otherwise. Not to See Daugherty. Mr. Campbell, who has been here all week except for a brief visit to Wash- ington to atiend President Harding's dinner to the steel men, will return to Youngstown _tomorrow night. The withdrawal of his company from the merger, he said, would make it un- mecessary for him to go to Washington to attend Attorney General Daugherty's conference with the executives of the companies mentioned in connection with pending mergers. This conference was originally scheduled for Saturday morn- ing. but it has been postponed until next Wednesday From a financial standpoint, Youngs- town was probably the strongest com- pany in the merger. It has no funded debt, it has pald dividends over un- broken period of eighteen years, it has a surplus of $48,000,000. and it has a high record of earnings. From an economic _standpoint. it also has a strong position, owning its own coal and ore properties and manufacturing a wide diversity of finished products, including all basic fron and steel ma- terials except rails and structural plates. The Week Epitome of Events Up te May 20, 1923, FOREIGN. As result of the meeting of the economic conference’s subcommission on Russian affairs the situation at ‘Genoa becomes so critical that it seems doubtful whether French and British positions could be reconciled. French &t Genoa offer United States full sway if 1t will take up Russian tangl iss Elisabeth Streator, Methodist mission- ary, hurt by Mexican mob. Lloyd o hopes United States will aid on Russian problems. Russia accepts proposals of the powers for the meet- ing st The Hague to discuss Russian sitoation. Sixteen dead as disastrous for part at The Hague. volt against French. Frencl mission ready to come to United tates. ‘Catholics pulled from beds and slain in Irish terrorism in County Derry. Genoa conference closes after aix weeks' deliberation. NATIONAL. Princess Fatinfa, Sultans of Kabul, {Days sad farewell to Ameriea. Chi- cago continues war on terrorism. Statio eliminated from radio, accord ing to announcement from Chicago; Dr. Louis Cohen of George Washing- ton University, Wuhlllmnbl). part inventor of new device. Dr. Otto L. Wiedfeldt, newly appointed Ger- man ambassador, arrives at New York. Members of the Chamber of ‘movie star,” fa: Gifford Pinchot leads aries for Governor of Pennsyl- vania, Julius H. Barnes of Duluth elected president of the Chamber of Commerce of the United States. DISTRICT OF COLUMBIA. Grand Lodge of the District, ¥. A. A. M, decldes to purchase site at Florida and Connecticut avenues 'rom Woman's National Foundation and bulld there a million-dollar tem- ple. Columbla Island, in the Potomac river above Highw. 1d; made & beautiful recreation park, Col. €. 0. Bherrill, superintendent of pub- lie bulldings and grounds, announces. National Capital horse show opens at Arlingtan Park, Tenth annual meet. the Chamber of Commerce of opens at Convention ts” or arbitrarily s« . ing possession of properties, in , the Eall' rent act fails of passage. John IRlder elected president of the Menday nln‘ Club. Irregular “daylight saving” is pro- tested by individuals and organiza tions. United States at Genoa urg: ' as sojution of trade I ber of Commerce :un n fean traders urged to supp chant marine; President dregses Chamber of “STYLED ONE-HORSE TOWN. Rady Astor Baps Mogtresl for ot . Having Seffrage. : May 38:i-Lady - Astor oot M cacohorss ‘were-not en- like & one-horse tell you why" she most two horse- already given women the it 18 the one-horse town that ot ‘awakened- to this new Sy et it hb ik t o t aity were in the sudl- | of Lagy Astor left for New - mercial prejudice against the United States, due to the r £ the dollar. “FINANCIAL." SWIFT PAYS 90c IN GOLD DESPITE'POOR CONDITIONS CHICAGO, May 20.—Although con- ditions in the meat industry were such that the Compania Swift Inter- nacional did not operate at a profit during 1921, according to its annual report, a dividend of 90 cents gold per share was declared, payable Au- gust 1E, 1922, Prospects for the coming year are encouraging, Mr. Swift sald in kis report, and the company expects to continue paying seml-annual divi- dends. The company's statement, how- ever, showed a net loss for 1921 of $6.706,199.19. Declining ‘market prices last year, the unfavorable exchange rate, oversupply of meat on the glish market and the. widespread unem- ployment in England, resulting in re- duced purchasing power, were given as reasons. The Internacional product is sold principally in Britain and Eu- rope. : The annual statement showed a met surplus of $12,626,977.15, with a capi~ tal stock of $22,500,000 and no bonds or preferred stock outstanding. The dividend declared will be payable to stockholders of record July 15, 1922. RESERVE OF G INCHLEIS AL American Supply Not Needed to Stabilize Paper Peso. By the Associated Press. SANTIAGO, April 18.—The plan dis- cussed by American financiers to utilize surplus stocks of gold in the United States for the beneflt of cer- tain Latin American countries with a view to aiding exchange values would not be practical for Chilz, in the opinion of economists here she already has accumulated considered an ample goll conversion fund for possible redemption or sta: bilization of paper currency. This fund amounts to 114,000,000 gold pesos — approximately ' $42,000,000 — part of which is held here and part in_London. The generally accepted view is that business men and industrialists in this country would weicome some practical activity toward stabilizing the paper peso, since its oxchange value has experienced long periods of virtual anarchy, and, in relation to the dollar, gradually has fallen from the war figure of three to one in 1819 to more than ten to one in 1322. Prejudice Against U. S. These violent movements in ex- change have been a great detriment to commerce and to invested capital, and have been the cause, it i as serted, of a certain amount of com- However. it isnot thought that Unied Sates gold would be required in the proposed regulation of exchange in order to bring about a normal re- Sumption of trade betwegen the two countries. American exports to Chile In 1918, according to figures published ;m La Nacion, amounted to 203.000.00 gold Dpesos, ‘while in 1921 they were I than 100,000,000 gold pesos. Central Bank Planned. Chile has been accumulating fts gold as a conversion fund against possible redemption or stabilization of its paper money for a numbe- of years, with the intention of establish- ing a central bank with similar func- tions as the federal reserve system in the United States. The bark would employ this gold as a res:rve against a convertible and elastic paves cur- rency. _The present gold conversioa fund, it is claimed, would support paper money to the amount of 220,000,000 pesos. According to economlists, a circulation of 300,060,000 pesos would be ample for the'needs f the coun- Y. FINANCE AND TRADE NOTES. International Combustion Engineering reports for 1921 a consolidated net profit of $596,990 after interest, depre- ciation and federal taxes. After divi- dends its surplus was $368,567. New York Central's report for first quarter of 1922 shows surplus of $,- 038,057 after tax and charges, as against deficit of $6,529,100 in first quarter of 1921. April operating income of Kansas City Southern was $264,200, against $104,855 ‘or April, 1921 American ~ Stores declared quarterly dividend of $1.75 a share on common, placing stock on $7 per annum basis, Previous rate nas been $4. Dividend is payable July 1 to stock of record June 20. B Southern Railway has ordered twenty locomotives and 5,390 freight cars, 500 auto cars and 100 steel passenger cars. Lackawanna Steel has advanced wagea of common laborers from 23 cents an hour to 26 cents. Union Bag and Paper has declared regular quarterly dividend of 134 per ?nt. N5 ‘able June 15 to stock cf record une 5. New Niquero Sugar has declared a semi-annual dividend of 334 per cent on preferred stock, payable June 1 to stock of record May 25. Plans for new financing of Virginia- Carolina Chemical includ total of $35,000,000 in new securities and makes provision for all outstanding funded debt, as well as for new working cap- tal. St. Maurice Paper has declarsd reg- ular 13 per cent Ivldmd. payable June 16 _to stock of record June 6. Rapid progresa was made in corn plowing, corn planting and other fleld work In Iowa last week, although weather has not been favorable for germination. Fairbanks, Morse & Co. declared teg- ular quarterly 1% per cent dividend, pazable June 1 to stock of record May Green Bay and Western's Tt for 1921 shows total income of $394,2 as against $397,449 in 1920, and surplus of $232,643, as against §$218,452. All grades of pig iron have been ad- vanced $1, to $23 a ton at Chicago. Northern Pipe Line has declarcd reg- ular semi-annual dividend of 35 a share, payable July 1 to stock of record June 9. Aripments of Mexican seaboard oil from Mexico totaled about 1,600,000 barrels in first half of May. tor Transit has dry for 2,000 refrigerator cars. A verdict of $850,000 has been award- ed Davison Chemical in suit !nr(; 5 000 brought in Toledo against Clen gos, Palmira and Cruces Electric Rall- road and Power Company of Cuba for breach ef contract. National Lead has dec! quarterly dividend of 13 pe: common, payable June' 30 to stock of record June 16. Montgomery Ward & Co. report May sales as 15 per cent greater than those of last y An officer of th company says steady progres: been made during last three months. President Mellon of Gulf Oil says statements with reference to a coms bination of Standard Ofl of Indiana and Guif Ofl Corporation are untru Kennecott Copg-r in April had an 4340 povnds i March abd 3, ounds in an é‘unal %5 January. ers say increased prices of gasoline have not affected sal of motor vehicles, and that current advances will be of small moment to motor industry. Ofl production in North Louislana. Arkansas district last week averaged 120,140 barrels daily, against 118,186 previous week. American Brass, of which’ Anaconda Copper owns 99 per cent, i{s now taking major part of Anaconda's metal production. Auto makers throughout the coun- try declare that suto sales have not been checked by advance in of sasoline. : . Membership in the Chis Board e s CElats g0, 'and’ $150 less than & fortaight NG ST QUICKENING OF CREDIT POWER FEATURES FINANCIAL MARKETS Mone'y Rates Drop to Pre-war Basis and Find Ready Response in Broadened Speculation—Inflation Caution. BY STUART P, WEST. Special Dispatch to The Btar. NEW YORK, May 20.—The new driving force which the markets a week ago had seemed to be awaiting was found this last week In the further rather extraordinary decline in money rates. Wall street loans for fixed periods, as distingulghed from demand or call loans, can Bow be negotiated under 4 per cent for the first time since the summer of 1917. The money market is thus completely back to its pre-way basis. The last vestige of the inflation in- cident to the enormous government borrowing, the great advance in prices, and the accompanying wild speculation in commodities and In securities has disappeared far as the credit situation is concerned. So far the main response to those fresh concessions in money rates has occurred in the speculative stock market. Investment securities, after lying almost stationary for a month, have moved ‘ahead somewhat, but the gain has been slight. Ordinarily it might be expected that a decline in the interest rate from 4% to 3% per cent would bring a corresponding upward revision in bond values. This has not happened as yet, per- haps because the investment com- munity has not digested the huge load of new capital lissues thrust upon it during the last twelve months. Failure to respond also may indicate some doubt as to Whether the lower money range is to con- tinue. Debt Paying Offsets. Eventually, at trade recovery keeps on, there will be a diversion of funds from financial to commercial channels sufficient to make itself feit in money rates. But at present the increased trade demands are being offset by the repayment of the old so-called frozen loans in the agrigultural sections. All this clearly shown in the detalled federal reserve statements. In the more rep. resentative ufacturing sections rediscounts are on the increase as a rule. In the great wheat and cotton ratsing sections, where the rise in staple prices has put the farmers in a comfortable position again, redis counts are coming down and reserve ratios are going up. The danger "in the stock market situation is just what it was a month ago, before the rather sharp check which came at the close of April and the beginning of May. It is the danger that speculative operations will take their cue from the abun- dance of the credit supply and the low cost of money, rather than from the actual fact of the business situation. If this occurs a price level will be reached which will not be warranted by earnings and dividends, and can- not be more than temporarily sus stained. < £ Grain, Produce LOCAL WHOLESALE PRICES, Eggs—Strictly fresh, selected candled, per dozen, 26a27; average receipts, 25; southern, 25. Live poultry—Roosters, per Ib., 18 turkeys, per 1b., 26a30; chickens, win- ter, per 1b., 40a§0; spring chickens, keats, youns, each, owls, 28. Dressed poultry—Fresh-killed win- ter chickens, per Ib., 40a45: hens. Ib, 30; roosters, per 1b., 20; turl per Ib.. 35a40; keats, y Live’ stock—Calves, choice, Der 10%; mediu 91 ¢R0; thin, b5a Iam]bbs. r.iiaalco. per ib., 15. Live hogs. per X Green frult—Apples, per bbl., §.008 9.00; per bu. bas! o’t. 2.00a3.76; we box, 2.75a4.25. ~ Californ! . T crate, 6.50a3.00. Lemons, De g.'sou.so, Grapefrult, per box, 5008 6.50. Florida oranges, 7.5029.50. Straw- berries, southern, 8a3%: home-gErown, Vegetables—Potatoes, old, bL, 2.50a2.75; per _sacl New potatoes, per bbl : No. 2, '3.00a3.50. Yams, 3.00a4.00. Lettuce, ern, per crate, 752125 Romaine lettuce, 1.00a1.50. Cymblings, per 1.25a2.00. Onions, erat Cabbage, 2. {1.502.00. Cucumbers, 2.00a3.50. 00a3. plantg, per crate, 3 per box, Florida, 3. 1.00a3.00 per basket. Peppers, per crate, 2.50 1.25. AlDlrlgul. per Spinach, per bbl., 1.00a1.50. DAIRY MARKETS. BALTIMORE, May 20 (Spectal).— Live poultry—Spring chickens, 1b., 65; small and white leghorna, 35a 4! young wint: 40a45; old hens, 29a3! small and white leghorns, 26a28; old roosters, 16; ducks, 20a33; small and poor, 16a18; pigeons, pair, 35240, ss_off; native and ‘ruub! rints, 39a4! dles, 26a28; rolls, 23a25; ed, 22 zza g! ry prints, 23a2 butter, 27a28. CHICAGO, May 20.—Butter—Lower; creamery extras, 34; firsts, 30%a33%; seconds, 28a29; standards, 34. Eggs—Higher; receipts, 33,145 cas firsts, 34a34%; ordinary firsts, 22a 233%; miscellaneous, 33a23%; stor: packed, extras, 26%; storage packed, rats, 36. e 1try—Alive, lower; fowls, 25; broilers, 40a48; roosters, 14%. CHICAGO LIVE STOCK MARKET. CHICAGO, May 20 (United States bureau of markets)—Cattle—Receipts. 500 heads; compared week ago; beef steers, 10215 higher; she stock, mostly steady; canners weak; bul 16a35 lower; veal calves unevenly steady to 50 higher; choice calves up most; stockers and feeders dull, weak to lower; top beef steers for week, 9.25; bulk prices beef steers, 7.75 stockers and feeders, 7.00a7.75; meaty feeders, 8.00a8. butcher she stock, 5.90a7.15; canners and cutters, 3.90a4.75;_veal calve: 0089.75, ‘Hogs—Receipts, 8,000 heads; ma! ket steady to strong with Friday’'s average; quality considered: spots ba 10 higher; top, 11.00; bulk, 10.50a 10.9 shippers ,took about 1,400 heads; holdovers light; pigs strong, mostly 9.50a10.00; packing sows, weak, 10al15 lower. Sheep—Receipts, 3,600 Iead, o doubles choice 90 and 84 pound shorn 12.75a13.00; sheep and sprin| compared weel al .00 lowe: spring Tower; t::e‘t’i’:lr onds dnd culls, 25a%0 o lam) ers a5 ‘l;lsm ‘Bulk SUGAR MARKET STEADIER. NEW !r's‘nr. May lo.—'l'h.fl raw market was eady and un- ::::rnd. ‘with no sales reported. Spot Cubas were quoted at 2 16-23, cost and | wuy ight, equal to 4.07 for gl‘th'.mn:q-nlwun offered at 214, cost and freight, equal to 4.11. sugar futures . but "‘u: voh':n:: of hull‘ 'ug light. & wers 1 to ts net higher. fu’ly. 2.85; Septem- r, 2.85; December, th, 3.87. There were no chan, in ‘refined sugar, but there was a better inquiry reported. Fine granulated, 530 to The tendency to speculative exce: has, of course, been prompted by th various merger deals which have been put through or are known to be under way. These combinatio no matter what an excited Wall street imagination may picture, can- not add heavily to intrinsic values over night. The economi: oftd a will take long to show. In the end théy will reduce producing costs, but they cannot undo the fact that whether it is steel or copper, or any other of the leading industrles, ¢hin is & time when moderate prices and moderate profits are to be the rule. The trade news has been the b of any week so far in 1922 with the return of cotton prices to the highest of last autumn has come the I delayed improvement in th copper metal. April broke all records in the bullding trade. In the twenty- seven northern and eastern states t| total bullding contracts awarded was over $363,000,000, as against the pre- vious high of $317,700.000 in July, 1919. This huge expansion in con- struction enterprises and the rallway buylng conssquent upon the ability of the railroads to again put through new financing, are the two principal sources from which new orders have poured into the steel mills. But the foreign business has also played a part. Exports of iron and steel from the United States during March were 30 per cent greater than in January and 55 per cent greater than In February. German Action Awaited. Fallure of the Genoa economlic con- ference has had little effect even | foreign markets, nor can this tributed to any real hope t! new gathering summoned at The Hague in_June will meet with more success. Rather, it demonstrates that financial opinion, discounting heavily the play of the politicians, never looked very seriously for the confer. ence to produce important result The wavering tendency of French exchange is not due to the Genoa break-up, but rather to Increasing anxlety as May 31 draws near, the date when Germany will reply to the reparations demands. The strength of sterling reflects the three big accomplishments of the last year In British finance—the balancing of the budget sufficient to allow the beginning of tax reductions, the steady and in the aggregate very im- portant reduction in the ou ding paper currency, and the restoration of an equality between debit d credit items in the American trade. The decrease in British exports and imports shown in Aprll, as compared with the previous month, was hardly important, because the export loss was due very largely to the tempo- rary effect of the lock-out in the en- gineering trades, while the import comparison was made with a March total that had been swollen by un- usually heavy purchases of food- stuffs. (Copyright, 1922.) and Live Stock GRAIN AND PROVISIONS. BALTIMORE, May 20 (Special).— Potat, white, 100 pounds, 1.25a 1.50; No. 2. 50a75; new potatoes, bar- rel, 3.00a5.25; bushel, 1.00a1.75; sweets and yams, barrel, 3.00a4.50; No. 2, 2.00 2.50; bushel, 1.0021.50; No. 2, 50a75; asparagus, dozen, 2.50a3.50; No. 2, 1.20 21.80; beans, hamper, 1.25a2.60; beet: 5.00a6.00; cabbage, crate, 1.00a 100, 6.00a7.00; corn, cucumbers, crate, eggplants, crate, 1.25a3.00; el, 20a30. 3 ket, 40a1.00; onions, 100 3.50a5.00; 3, 2.50a3. spring onions, 100.1.50a1.7 per, 2.50a3.50; peppers, crate, 3.50; radishes, 100, 50a2.00; rhubarb, 6.00; spinach, bushel, 30a50. e, 1.25a2.50; tomatoi box blackberries, quart, cherries, pound, 20; grape. fruit, box. 3.50a5.0 oranges, box, 6.0029.00; peaches, crate, 4.50a5.00; strawberries, quart, 13a25. Closing Prices at Noon. ‘Wheat—No. 1 red winter, spot, no quotations; No. 2 red winter, spot, 1.41; No. 2 red winter, garlicky, spot, 1.41; May wheat, no bid.s No sales. Cern—Cob corn, old, yellow, quoted 60 per barrel; contract corn, spot, 69%; No. 4 corn, spot, 68% yellow, No. 3 or bett Oats— bushel; No. 3, 49 and 49% per bushel. Rye—Nearby, 95a1.06 per bushel; No. 2, western export, spot, 1.16%; No. 3, no quotation. Hay—Receipts, 47 tons; range is 45 18,00, to 22.00 for good to cholce tim- othy and mixed hay; market firm; supply on hand ample for trade. Straw—No. 1 tangled rye, 15.00; No. 1 wheat, 11.50a12.00; No. 1 oat, nomi- nal, 12.00a13.00. CRB'LIST FIRM MOTORS STRONGER By Special Leased Wire to The Star. NEW YORK, May 320.—The curb market was firm today, although pro- fesslonal traders were: taking profits. Mother Lode was strong, reflecting the declaration of an Initial seml. annual dividend of 50 cents per share. Two prominent stock exchange houses which have been active in the issue in the past were moderate buyers. Hudson Motors strong, advancing to a high record, following an- nouncement from an authoritative source that dividend action will taken within two weeks, after which the shares will be listed on the stock exchange. Mercer and Durant also wero firm, but Danlels Motors encountered profit- taking and was easler. Glen Alden Coal never reached a new high rec- ord. Hudson and Manhattan com- mon advanced, while Hudson Com- pany preferred receded slightly. Key- stone Solether was in supply, and as bids were small the stock was heavy. shares showed fractional up- turns. Standard Oil of Indiana, Stand- ard Oll of Kentucky, Ryan Con Carib Syndicate, Mexican Seaboard and In- ternational Petroleum were in fair de- mand and held well. Mutual Oil on active buying rose to another new high. Creole syndicate, Omar Marine Oll led the low-priced group. Independence Lead, with another advance to its high price, featured the mining department, which was active and firm. LOW-PRICE RAILS WERE IN DEMAND By Special Leased Wire to The Star. NEW YORK, May 20.—Most of the advances in the bond market occurred among speculative issues, like the low priced ralla. The Erie's, St. Louls and San Francisco bonds, St. Paul's, New York, West Chester and Boston 4%s and the Interborough refunding 5s all rose a fraction of a point to a point. Chesapeake and Ohio coqn- vertible 58 reached a new high for the year, and other convertible rail- way issues were strong. -American Smelting 5s, Rubber 7%s and Utah Power and Light 58 were bid up to their highest for 1922, and Sinclair Oll_convertible -7%s jumped a point as Sinclair stock made a new high oy dividend reports. Governments Firm. United States government securities were firm and the foreign government loans in the main kept steady. Chile 8s of 1936 made a new high -and Sweden 6s gained a point. The New York market for Canadian provincial bonds were essentially un- changed this week. Prices continued to hold up, but trading was dull. Ontario 6s of 1923 were 10034 bid offered at 100%: the 68 of 1930 were 100% bid, offered at 1011, and the 6s of 1943 were 107% bid, ‘offered at 108%. Manitoba 55 of 1923 were 98% bid, offered at 99%: the 6s of 1930 were 100% bid, offered at 101%, and the 65 of 1946 were 106% bid, offered at 107, —_—— COTTON MARKETS. NEW YORK, May 20.—The cotton market opened barely steady at a de- cline of 4 to 17 points under a renewal of scattering liquidation, prompted by reports of better weather in the south. There was also some scattered on & hope that crop prospect: improve before end of May condition figures were made up, but trade In- terests were buyers at the decline to 20.03 for July and 19.89 for October. This demand, combined with coverin, for over the week end, gave the mar. ket a bteady undertone, while week end reviews from the cotton goods trade were consldered favorable and probably had a sustaining influence. Futures opened barely steady. Mu 21.07; July, 20.07; Octobe: cember, 19.85, and Januar; NEW YORK, May 20.—Coffee—Rio No. 7, 10%; futures, easy; July, 10.15; December, '9.32. ——— BAR SILVER QUOTATIONS. LONDON, May 20—Bar Silver, 37% pence per ounce; morey 11 per ocent. Discount ratés slort and three months bills 2% per cent. —_— U. 8. TREASURY CERTIFICATES. 1003833 100 100 1183 100 7-16 100982 1 100 17-33 1 100 CHICAGO, May 20.—Reports that|g condition of the new crop in the southwest is not as favorable as ex- pected gavé the whea rather bullish tinge here t: rainfall was said to have been insuf- ficlent during the last six weeks in parts of the country and the growth of the plant has been retarded. The early trading was rather light, but the market showed a rather firm un- with moderate buying by lon houses and short cover- . The May 'delivery, which broki at the start, soon recovered its los on scattered buzlnl’y but the bulk of the trade, which is of a local char- acter, the new crop deliveries. timated that arrivals here today were 225 cars, while the deliv- erles on May contracts this mornin, were reported as 430,000 bushels o ‘wheat, . May started %.to 1% lower, at !.ll&’ to 1.39, while the deferred de: iiverlon varied from unchanged fig- ures to % up, with July, 1.24% to 1.24%. The market underwent gains 1 round, then experienced somewhat of & setback. Corn and oats were dull, but som . due more to lack of anything elss. The ntiment is generally rather bearish and the markets are regarded as oversold, in some quarters. After starting unchanged to ¥ highsr, with July, u" to 64%, the corn market scored slight gains, then suffered a slight reaction. u‘urle% l‘:'lor: unc‘mmnd J;‘. ures to ¥a gher at the sf with Ju]cy 39% to 39%ad9%, and then o Provisions were higher in line with for hogs. t lower, nd July, parts corn beit, and firm, with values iny to % net higher, with July, of 8 NEW YO! May 20.—The cotton- fllmfi_él weak, Prime e e vl‘lnn-r“.“llo‘v. 11.50 !w !l;lv’iz‘- g . A i 5 i e 119% 1. 1. 1.18 CROWD HAILS PERSHING AT MECKLENBURG FETE 147th ‘Anniversary of Declaration of Independence of 1778 ob: served at Charlotte. By the Associated Press. CHARLOTTE, N. C., May 20.—Hl torie Mecklenburg county gave a great greeting to Gen. Pershing when he arrived here at 9:30 this morning to spend the day in the celebration of the 147th anniversary of the sign- ing of the Mecklenburg Declaration of Independence, May 20, 1775. Gen. Pershing was accompanied by t | Hanford MacNider, national com- mander of the American Legion, and Gen. Julian S. Carr, commander-in- chief of the United Confederate Ve erans. Members of the local pos American Legion, he y 0l ‘Walker, welcomed the visitors at the station and escorted them to the Southern Manufacturers' Club, where Gov. Cameron Morrison and his staff added the welcome on behalf of the state. After a brief stay n.lt dtl;o i:lub Gen. Pershing, accompanied by lo m! outfits and the Shrine Band, driven several blocks through & surging, cheering throng, to a point where he took position at the head of a three-mile-long parade, which went through the principal streets of the city. The terminal of the pageantry, which consisted of 6,000 former sol- diers in uniform, cavalry troop m two North Carolina companies &nd a multitude of gayly bedecked floats, was at Indepepdence Park, where Gen. Pershing and Mr. MacNider made brief addresses. RESCUED CREW LANDED. en Reach Shore From Ozmo, Beached in Coos Bay. ) Oreg., May 20.—Fit- teen men and 6ne woman, being the crew of the auxiliary schooner H. and the wife of that vessel's chief eer, were landed today by the achooner Dajsy, which picked up the Osmo yesterday after she had run aground and then been adrift, water- o, for twenty-four hours, e Ozmo wag beached in Coos bay, below Empire, to await repairs to her damaged guIL Her captain and chief engineer .remained with her. ' —— The chamber of deputies sl FINANC MARKETS 1| (K FIRARUING 8322I8E83 i 3 900 Durant Mo.ors ... 7“0': Durant Motors Ind. 8888888 83828 BEY bl LuBalali il P PERESSE S ERE 3 FOREIGN GOVERNMENT, STATE AND E i ¥ EE BIREZH_DPY 0! 3q: 400 Int Cg Mt 222 100 Mercer Motors. 0000 New Jerse 9 King Belgium 12 Kingdom B 1 Kingdom Ital 100 King Netherl’ 94 Kg of Bweden s. -Med eensland 7s 111 tek 3 = Bul 8 o Bio Gr do Bu! 100 Tenn Ry, L & 2900 Tobacco 'Products. . BRERS G dagga PRR s 3 H = ¥ g z N5 H113 100 Anglo-American Oil bos. F 20 Indiana Pi| 5300 Btand Ol Tudia 400 Btand 011 Ky n BN 10 Standard Oif N Y.. 408 INDEPENDENT 01 100 Alcon Oil ek Bevalow 1] ZzeRezesis H as# 333 5885283 Y Sx33tnies I FEE PETEEE FEEE F R SRR SRR 2 388 800 Columbia Pete 400 25, 12400 Engineers Petroleum 2000 Federal Oil . 300 Fensiand Ofl 1500 Glemrock Ol H228BR I BE . 5 TR FEFE #E3EI228% LY 28925 FRE R Copper 6. South ref 4%s 900 Kirby Petroleum ... 2800 Livingston Pet. 13800 Lyons Petroleun: 400 Maracaibo Oil. 00 M; 5 28 LEE 4- U RN P T 90000 L RE2 Det Edison ref 6s... Det Unit Rys 4%s. Diamond Match Distillers Becur 5s. lg:‘nuuu Ligut Sreoats R e Bab R o 3 1200 Mountain Prodi 1100 N M & A Land Co. 400 N E u »Baal FEREFRE G R Lo u B ol Sl * U LT FEEEEE FIIEE A N - 400 Venes Pet . 700 Wileox 0i Ep 258 2 Za 800 ALBrit Col Metals 400 - KERKERE Basgezaiangeiss e » BF REEEF " PP 13 :nnnn IIFERe 12z Eot 200 First Natl 200 GadsdenCopper. R2LLREL 2\ 239 g, Tew ldfield Florence. rd Skell Mining armill Divide Min 18600 Independence Lead. . 100 Jerome ‘.':ICQ Div., T 2 998552 !:&E: b4 3 a0k ¥ e 3 {; g¥ ey it 235 28 of "o ot £ g & - N Y Hondurss 5000 Ohfo Copper . 10 400 Ray Hercules Mines 18000 Rex Consol 2000 Sfiver Dale 3000 Silver Hills T 100 § King Cons Mining ~ 1% 4008 A P & G S 8 s oy @) Gl ) BN BaBIEUBE s orrs v rabionoSunnoBurssEintSati8t g BinalurmallsnionSotuole FEHE 11 i g §E2EIRREY 3 ;a:;i»»». 19 Allled Packer 6s ctf 611 ¢ 7 Allied Packer Bs. 28T e anaadunmo-SRIN! << = £ 1 Canadian Pacific 6s. !g§< K e 3 i e 355 orviows dx3” and it H SHORT-TERM SECURITIES. ‘(Reported by Redmond & Co) Aluminum Co. of Amer. 7s 1825, 1 Ameri Tel R jeco Co, Ts 1982.. Co. 10 Western Electric 7s. FOREIGN BONDS. TO FLOAT BIG FOREIGN LOAN. NEW YORK, May 20.—Local bank- ase of a bond is sue of 30,000,000 guilders, approxi- mately $12,000,000, of the Anton Jur- ns United Works of Holland, one of the world's largest producers of but- ers announce pu offering price and the rate of in- terest will not be announced until next week, when th lic “l;m usly in Holland, TAL." ONBRANCH BANKS Controller Said to Favor it, But Not Officially—Local List Firm. BY L A. FLEMING. Branch banking by national bl'll i® one of the most interesting topics of discussion now before the chn- {rolier of the currency, for the magter has been brought directly to his tion. When the First National of 8t. Lalis announced that national banks comld start branches and that it propofed to do it, things began to hum. Frpm all over the country inquiries reached the controller, asking whether or ot he had ruled that such action Wus permissible and with the Qquerbes came protests from many state bafks and some national banks against €y such action. e It was known here that D. R. Cris- singer, controller of the currency, had expressed the opinion of a semi-offi- cialcharacter that it was possible, but cial character that it was possible, but the matter. Otherwise Washington would not have witnessed the Riggs Nationa! method of assimulating the Hamilton Savings Bank, now the Hamilton National, and in the process of being merged. The only opinfon in the matter was rendered back in 1¢11, and that was given in 1911 by Attormey General Wickersham, and was the reverse of the St. Louis bankers' convention. The expansion of the state banks and trust companies, perhaps it might be called aggressive competition, have created a situation, which, with the generally congested districts'of all large cities causing parking 4if- ficulties almost insurmountable, has caused a desire on the part of the national banks to operate branchs: Many briefs on the matter hawe been submitted to the controiler, in support of the legality of bratdph banking under the federal reserve ace, and it {8 understood that Mr Crissinger, in line with the policy of he administration to ald business,.is said to favor a change. » An announcement from the ogh- troller’s office may be made next week. As a solution, the Attorney General may be asked to give an opinion in the matter. Local Securities. u Today's session of the local stack exchange brought a new high ion Washington Gas shares when they sold at 55%. Lanston added & pojnt to recent quotations when it ad- vanced to while Capital Traction shares repeated recent high in an advance to $6% after opening 'wt. 96%. Railway common was in fair demand at 38%, a small lot selling an cighth lower early. In the bond list firmness was,a feature, Washington Gus 58 sold wt 9432, the 712 per cent notes of the same company at 105 and & smalil bond of the Potomac Electric Co 7 per cent, at 106%. Guaranty Savings Bamk. John Pflieger and Max C. J. Wiehl have been added to the directory of ine Guaranty Savings Bank. There are still five vacancies on the board, as the by-laws provide for thirty di- Yectors. These will be filled from time to time. Banking hours are 9 to § daily, ex- cept Saturday, when the bank will be open from 8:30 to 12 noon, and reopen again in the evening from 5:30 until 8. Summer Closing. The United States Savings Bank, beginning June 24, will not reopen on Saturdays after the noon closing. Washington Stock Exchanae LES. hi—4 at 5%, 10 a: % 55%, 25 at B5%. 3 at 653, i Lanston 2 at 77, 10 @t T . AFTER CALL. ' Potomac Electric g. m. sod ref. 7s—3$§00 at 108 Capital Traction—10 at 96%, 5 at 96%. | BONDS. =R Bid and Asked Prices. PUBLIC UTILITY. Anacostia and Potomne 5s.. .. Asacoutia aod Potomac guar. s38nzennsiaied gy b "R 883 Bagean! * jcan Tel. and Teiga. American Tel s 3 '::m.ihuxfi - Rwy. and Elec. com.... " Rwy. and Eiec. pld. TRUST COMPANY. erican_Security and Trust.. = éfi?s FIRE INSURANCE. .58l sHER Graphophune com . coombe gmenien G improvement in the cement and mell siness and in raijroad shipments is E:p(::‘#d in local circles. During last few days more than 100 carloads of steel ‘were shi from Bethlehem steel plant at thlehem and one rafiroad alone reports for first two weeks of May over 800 morc carloads of cement were handled than during correspondin; jod last year. NEW YORK BANK STATEMENT. NEW YORK, May 20—The aotus! tion durllghol-hnl-‘ f-fi“m"..""-‘.nu. r the week m'd they L in ex-